Question: In 2020, Solid Construction Co. (SCC) began work on a two-year fixed-price contract project. SCC uses the percentage-of-completion method to account for such projects and

In 2020, Solid Construction Co. (SCC) began work on a two-year fixed-price contract project. SCC uses the percentage-of-completion method to account for such projects and provides you with the following information (dollars in millions): What were the construction billings by SCC during 2020?

Accounts receivable (from construction progress billings) $37.5

Actual construction costs incurred in 2020 $135

Cash collected on project during 2020 $105

Construction in progress, 12/31/2020 $207

Estimated percentage of completion during 2020 60%

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